fbpx
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
No Result
View All Result
Photo by Josh Appel on Unsplash

Photo by Josh Appel on Unsplash

Psychological Issues Related To Money Problems

Your financial problems could stem from psychological issues. Many people's money problems are linked to underlying emotional roots.

Maureen Rita by Maureen Rita
September 5, 2022
in Money
Reading Time: 5 mins read
6 0
0
7
SHARES
40
VIEWS
FacebookTwitterWhatsApp

Are you struggling with debt? Could you be working and have nothing to show for it? Your financial problems could stem from psychological issues. Many people’s money problems are linked to underlying emotional roots. 

Many of the issues people often refer to as usual money problems often mask a mindset problem. It could be due to the financial patterns you grew up seeing; you could have developed money habits along the way that are affecting your relationship with money. Let’s have a look at some of the psychological issues that could be the cause of your money troubles.

Low Self-Esteem

When you don’t feel good about yourself, it’s common to use material things to make up for it. It could involve buying expensive clothes, shoes, bags, gadgets or engaging in activities that hurt your pockets. Someone with money problems like overspending could be doing so to make themselves feel better. 

Low self-esteem could also be causing your money problems because it leads to self-sabotage. Not feeling good enough could prevent you from embracing positions that could lead to a better career or better-paying projects. 

5 Tips For Self-Esteem That Lasts Long-Term

Scarcity Mindset

A scarcity mindset refers to thinking that there are limited resources. People with this mindset believe there isn’t enough money to go around and only limited opportunities exist. A scarcity mindset can also manifest in an obsession with what you lack. So, you focus on how much money you don’t have to achieve something, thus creating a tunnel vision limiting your thinking. You are unable to see how to progress with what you already have. 

The scarcity mindset is often accompanied by anxiety and fear around money and opportunities. You may also look at people with more and feel envious while telling yourself that you’ll never have such things. A scarcity mindset makes people think that there are limited positions because someone got a particular job. It can also hinder you from going after a better-paying job with more risks and instead staying in a low-paying job with security because of the fear of the unknown. 

While it’s essential to be frugal and spend money wisely, a scarcity mindset creates a fixed mindset about money. It limits you from seeking more opportunities and increasing wealth. 

Finances: The 7 Money Personalities You Should Know About

Trauma

Experiencing trauma in childhood or adulthood can affect your relationship with money. If you grew up in a family where money was always a problem, you could still have anxiety around financial matters even after getting a well-paying job. Experiencing sudden job loss, death, or a divorce could also expose you to trauma that affects your relationship with money. Often, one doesn’t recognize how one seemingly unrelated trauma could affect one financially. For example, you could suddenly buy unnecessary things to deal with your unprocessed trauma. 

Growing up without many things, you could buy excessive material items to compensate for what you lacked as a child. In some cases, a divorce could affect your ability to trust yourself because of betrayal, such that you second-guess every financial decision. It’s advisable to deal with your trauma and, if possible, work with financial planners to get you back on track.

Money: 7 Financial Issues In Marriage That Could Lead To Divorce

Anxiety

Anxiety makes you blow things out of proportion. You suddenly become excessively worried about a situation and think of the worst-case scenario. Such thoughts affect your decisions while handling money. Anxiety could also keep you distracted, making it impossible to make sensible financial decisions.

5 Ways To Deal With Anxiety And Panic Attacks

Depression

Many people experiencing depression have trouble doing day-to-day tasks. The lethargy extends to work, which can jeopardize their income opportunities. Further, finding life exhausting limits their ability to make sound decisions around many things, including money. How To Overcome Emotional Spending

How To Cope With Depression

Addiction

Addiction can be pretty expensive. Whether one is addicted to food, drugs, alcohol, gaming or gambling, they’re willing to spend their last coin to feed this addiction. Additionally, most addictions affect one’s ability to perform at work, thus creating a cycle of low income used to satisfy addictions. 

How To Overcome Addiction

Fear 

For many people, having made poor financial decisions in the past triggers the fear that you’re likely to repeat them. For example, making a significant wrong investment can cripple your mind. Even when a good opportunity presents itself in the future, you’re likely to think the past will repeat itself. It takes getting better financial knowledge and rebuilding trust in your decisions to overcome the fear. 

The 7 Fear Archetypes That Hold Us Back And How To Overcome Them

Final Thoughts

Financial decisions and behaviour are tied to our mental well-being. Poor financial choices don’t happen in a vacuum. If you constantly find yourself in a financial rut, it’s advisable to get to the root of the matter because it could stem from a psychological issue. 

Also, check out

5 Ways To Improve Your Relationship With Money

Why You Should Change Your Perceptions About Money

7 Budget Cut Ideas For Those Trying To Save More Money

5 Ways To Deal With Your Friends When It Comes To Money

What To Do When Your Spouse Is Bad With Money

Share3Tweet2SendSharePin1
Previous Post

How To Overcome Self-Doubt

Next Post

A Guide To Men’s Wardrobe Classics

Maureen Rita

Maureen Rita

Maureen Rita is a writer, creative and poet who focuses on issues that affect women, relationships and wellness. I’m constantly exploring the complexities of human experiences and I often challenge societal norms. I also love discovering African music, films, and art. You can also check out my website on Home, Living and Productivity - www.kallistead.com.

Next Post

A Guide To Men’s Wardrobe Classics

Please login to join discussion

Recommended

Different coloured pumpkins and varieties

Health And Nutritional Benefits Of Pumpkins

July 15, 2022
24

Disruption In The Financial Sector: How Ready Are You For FinTech?

February 6, 2018
117

Popular Stories

  • OPPO Reno 8T handset and box

    Phone Review: The OPPO Reno8 T 5G

    183 shares
    Share 73 Tweet 46
  • The Singlehood Series: He Dumped Me Because I Shaved My Hair

    0 shares
    Share 0 Tweet 0
  • Money: 7 Financial Issues In Marriage That Could Lead To Divorce

    60 shares
    Share 24 Tweet 15
  • Business: 9 Ways To Deal With Loneliness As An Entrepreneur

    19 shares
    Share 8 Tweet 5
  • He Did Not Expect The Betrayal That Followed His Conversion To Islam To Please The Woman He Loved

    17 shares
    Share 7 Tweet 4

Potentash Blog

Potentash

Potentash is an award-winning lifestyle blog. We publish lifestyle content that intersects with health, women, beauty, travel, business, relationships, finances and entertainment.

Explore

  • The Singlehood Series
  • From Stairs To Ramps
  • Man Around Nairobi
  • Pearls And Heels
  • Personal Finance
  • Food + Beverage
  • Editor’s Pick
  • Reviews

Get the Potentash Newsletter

  • Newsletter Archive
  • Subscribe
  • Frequently Asked Questions
  • Privacy Policy
  • Contact Us

Copyright © 2023. Potentash, In Partnership with Decima

  • Login
No Result
View All Result
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books

Copyright © 2023. Potentash, In Partnership with Decima

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In